The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-12-08

DanAsi Wn6re IL would De available Tor
the business of the country and as upon
| its withdrawal from them it would be
| at once returned to the channels OF
business through government pay
ments, no shock would be caused bv
such withdrawal. AS this is the best
use to make of this money, l advise t;
| if, however, it is thought better to al
tempt to buy bonds with it, | should
like to have specific authority given to
the Secretary OF the Treasury TO do so.
| The report shows that the circulation
| OF standard silver dollars has increased
$40, 465, GOO during the past year. In re-
gard to this, the Secretary says: 'One
of the most interesting facts shown by
| the fores DING statement is the decrease
in the number of standard silver dol.
lars owned by government, and the in
| creased use Of the same money bv the
people in the form OF silver certificates.
| Five dollar, 81 and 81 certificates furnish
g convenient currency, and it is evident
| that the future use of the silver dollar
| will be almost exclusively in that form
The law should be so amended as to
| authorize the Secretary of the Treasur
to issue certificates against the coinage
value OF bullion bought, and to coin
| only such number of dollars as he
might deem expedient hereafter. II
would be a neglect OF duty did
not call the attention OF
Congress to certain safeguards
which ought to be thrown about the
standard silver dollar, to protect from
possible loss the people among whom
it and its representative the certificate
is so universally distributed. Provision
should be made against the time when
there may be more of that form Of
money than is required for the business
of the country. The first symptom OF
this will % the increasing ownership of
silver by government. This increase
will take place because government
paws TO the people that kind of currency
which they wish to have, and receives
from them that kind which they wisn
to pay. Consequently government will
accumulate the form of money which
the people least desire" There should
always be in the Treasury enough
silver beside that held against OuC-
standing certificates 20 enable govern
ment to at once supply any demand for
it by the people, but all held in the
Treasury in excess of that amount
is absolutely Unnecessary for any pur-
pose, and is, in fact, q menace to the
silver which the people hold, and also 10
United States notes and National Bank
notes. to the whole circulating medium
except gold. Therefore, it would be the
part OF wisdom 10 prevent any accumu-
lation of silver in the Treasury hey, n
sufficient reserve needed to meet any
demand which may be made for 1t.
This can be done by fixing the amount
of such reserve and providing thai
when it is exceeded by say S. COO GOO
tho nurch of huiiipn shalI oooSa u,,tii
the amount held by government again
equals such reserve. Another plan.
and somewhat similar TO that recon
mended by my predecessor in his lasl
annual report, would be to provide ia It
when the reserve was Exceeded, an
amount of United States notes equal in
value to such excess should b can
celied. if enough of them were in rh>
Treasury, but If not, then the
purchase of bullion was 20 Geese
until the maximum reserve should
be reached. This would create
a vacuum in the circulating inedium
which would be filed by silver; ths
amount of United States notes would
be gradually reduced until the whole |
were extipguished; he silver dollar or |
silver certificate would take The place OF |
United States notes IS they were re
tired. This plan would make our cur |
rency more uniform, and rs secure as |
now. Neither OF thess pisns, II adopted |
would diminish the actual Or potential |
use of silver as currency by dollar. |
In my Judgment, il gould be promoted |
thereby
The balance Of tbs report is taken p
with reports Of customs. revenue, |
nsri3a. e!nIg: alton and coast survey,